UNITED MICROELECTRONICS CORP
UMCdata completeness 88%8 fiscal years on fileData notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'
UNITED MICROELECTRONICS CORP earns about 32% on invested capital, far above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $0.43 and $1.52 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|
| Revenue | $6.3B1 | $7.68B2 | $9.07B3 | $7.27B4 | $7.08B5 |
| Net income | $814.1M6 | $1.85B7 | $2.91B8 | $1.95B9 | $1.49B10 |
| Operating cash flow | $2.34B11 | $3.26B12 | $4.75B13 | $2.81B14 | $2.86B15 |
| Capital expenditure | $938.2M16 | $1.73B17 | $2.61B18 | $2.99B19 | $2.7B20 |
| Free cash flow (derived) | $1.4B11 | $1.53B12 | $2.14B13 | −$178.8M14 | $162.5M15 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $3.39B21 | $4.32B22 | $5.68B23 | $4.04B24 | $3.2B24 |
| Diluted shares | 12.42B | 12.48B | 12.50B | 12.53B | 12.56B |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $8.87 of net worth that earned you $1.18 and generated $0.13 of cash last year.
It earned about 32% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is roughly flat over 5 years — little dilution, little buyback.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $0.43 and $1.52 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$162.5M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$162.5M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$1.85B
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $0.44 |
| Base | 0.0% | $0.44 |
| Bull | 5.0% | $0.48 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2020-12-31 · accession 0001564590-21-021578 (Revenue)
- 20-F · period ending 2021-12-31 · accession 0001193125-22-125284 (Revenue)
- 20-F · period ending 2022-12-31 · accession 0001193125-23-119772 (Revenue)
- 20-F · period ending 2023-12-31 · accession 0001193125-24-111429 (Revenue)
- 20-F · period ending 2024-12-31 · accession 0001193125-25-092142 (Revenue)
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- 20-F · period ending 2022-12-31 · accession 0001193125-23-119772 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2023-12-31 · accession 0001193125-24-111429 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2024-12-31 · accession 0001193125-25-092142 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2020-12-31 · accession 0001564590-21-021578 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001193125-22-125284 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001193125-23-119772 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001193125-24-111429 (CashFlowsFromUsedInOperatingActivities)
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- 20-F · period ending 2022-12-31 · accession 0001193125-23-119772 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2023-12-31 · accession 0001193125-24-111429 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2024-12-31 · accession 0001193125-25-092142 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2020-12-31 · accession 0001193125-22-125284 (CashAndCashEquivalents)
- 20-F · period ending 2021-12-31 · accession 0001193125-23-119772 (CashAndCashEquivalents)
- 20-F · period ending 2022-12-31 · accession 0001193125-24-111429 (CashAndCashEquivalents)
- 20-F · period ending 2023-12-31 · accession 0001193125-25-092142 (CashAndCashEquivalents)